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French banking giants BNP Paribas and CACEIS have formed an issuer services joint venture, which was first announced on 22 March last year and has now received approval from the regulatory and competition authorities.
These approvals provide the green light for the two companies to form Uptevia, a JV which was founded on 1 January 2023 and aims to be the leading issuer services provider in France and ultimately across Europe.
BNP Paribas and CACEIS indicate that the JV highlights their desire to create a specialised and scalable issuer services company to support corporate clients in France.
Uptevia will offer shareholder record keeping services across a broad spread of instruments, including equities, warrants and bonds, as well as coordinating general meetings, managing employee shareholder plans and centralising and managing financial operations on behalf of client companies. It will provide equivalent services for fixed income issuance such as bonds and negotiable debt securities.
Commenting on the formation of Uptevia, CACEIS’ CEO Jean-François Adadie says: “Our two Groups have successfully joined forces to create Uptevia, a venture that will benefit employees and clients alike. They will be able to leverage the breadth of advantages offered by a strong player that is braced to tackle the challenges of fast-changing business.”
Patrick Colle, head of BNP Paribas’ securities services business, says: “With Uptevia, we aim to create a leading specialist in issuer services. Our corporate clients and their shareholders will benefit from pooled investments and an enhanced service offering underpinned by cutting-edge tech solutions.”
